National Republican., 1887-05-12
RAILWAY NOTES.

The trunk lines centering here have aban-
doned the commission payments TO agents.
The Denver and Rio Grande road retains the
old CUSTOM however.
Atthe meeting of the managers OF the Della
ware Hudson Canal Company the following
officers were elected: Robert NJ. olyphant,
president; Legrand b. Cannon. vice. president;
James C. Hartt, treasurer, and f. Murray Oily.
phant secretary. No other business was trans.
acted.
1t transpired yesterday that the Baltimore
and Ohio road had taken about 30 cars OF
Hour for export at rates SO low as to arouse the
attention OF competing lines Inquiry re-
yealed the reason, and also showed that the
Chicago and Grand Trunk road was receiving
more business than was agreeable to its COM
petitors, 1tappears that both lines are making
excessively low rates on export freight. The
figures on Hour via Montreal and Baltimore,
oil rail- are about cents less than the lake
and rail rates via New York and Boston, and,
of course, threw large tonnage to the lines
quoting the lower rates. AS the ocean rate
from Baltimore is about the same as from other
points, 1t would seem that the Baltimore and
Ohio road has the happy faculty OF man'p1lat-
ing all rates to its own advantage. The Chi
cago and Grand Trunk some time ago based its
ocean rate via Montreal OH the rates via New
York, but 1t is now basing them on the rate
from Philadelphia.
At the stated meeting OF the board Of dircc.
tors Of the Pennsylvania Railroad Company,
held yesterday afternoon, the following resoiu.
tion was adopted:
the necessary capital for construction and
equipment expenditures during the year 1887
on the main and leased lines and branches,
and for the completion and extension of new
and auxiliary lines, the cost of which Is esti-
mated as follows: Construction OF third aud
| fourth tracks and additional facilities on the
Pennsylvania railroad, branches, and leased
lines, VI, 100000; real estate, Pennsylvania rail-
road, branches, and leased lines SOD 0IJ; loco.
motive engines and passenger eIupmsnt.
VI, ,3O0,0 600. construction of branch and auxiliary
lines IN addition to o these hos now In operation,
given to the shareholders of the company OF
subscribing at par between the 18th and 3Oth
| days of June, 1887, on which latter date the
| privilege will cease, for 8 per
cent. of their respective holdings as they
stand registered on "wednesday. May H.,
| share may subscribe for full share The
| privilege of subscribing may be sold by any
shareholder, and blank forms for such purpose
will be furnished on application to the treas
urer. Payments may be made in full prior to
July ], 1887, or one-half shall be paid prior to
be paid prior to Sept. 1887, and in either case
| receipts will be given bearing interest at the
| rate of per cent. per anuum from date Of
payment until Nov. /, 1887, at which time said
receipts will cease to bear interest. On and
after Nov. !, 1857, certificates for new stock will
be delivered on surrender OF the receipts"
The announcement of thisstock dividend was
not made known to the public until after 8
O'Clock, to prevent holders from splitting up
their certificates so as to secure an extra number
Of new shares on fractions, since the holders of
fraction Is entitled to new share on II. II is
known that for some time past large holders,
in the expectation that stock dividend was
to be declared. have been cutting their certifl.
Gates up, so as to give as great an advantage as
possible to this Traction right.